Binance has recently made announcements for various altcoin projects. The exchange launched a new program while launching several new futures contracts. It has also moved many altcoins to the “Innovation Category”. Here are the details…
Binance launches a new perpetual futures contract
Binance, one of the world’s leading cryptocurrency exchanges, has announced several new developments on its platform. Binance Futures has launched the USDⓈ-M UMA perpetual contract, which can be used with up to 20x leverage. In addition, Binance will support GALA contract swapping on the Ethereum network. GALA deposits and withdrawals on the ERC20 network will be suspended from May 15, 2023, 18 CEST. The exchange will meet all technical requirements for users holding GALA in their Binance account.
A program called “Earn Wednesday” started
In addition, the stock market; Earn has launched a new weekly program called Earn Wednesday, which will offer rewards for Simple Earn, DeFi Staking, Liquid Swap, Dual Investment and more. Additionally, many new loans are available including Binance VIP Loan, WING, PERP, REQ, ALCX, LQTY, IMX, RPL, IDEX, USDP, COCOS, ACH, SSV, TWT, RDNT, HFT, THETA, HIGH and PEOPLE. and added collateral asset. This over-collateralized loan service can help users achieve investment goals such as greater liquidity, leveraged trading and hedging strategies for long-term mutual funds.
Binance moves many altcoins to Innovation Category
Finally, Binance has moved several tokens to the Innovation Zone, designed to facilitate the trading of innovative projects with higher volatility and risk compared to other listed tokens. Tokens such as AirDAO (AMB), Ark (ARK), BitShares (BTS), Drep (DREP), FTX Token (FTT), and OMG Network (OMG) will now be included in the Innovation Category. Based on recent reviews, Binance is moving the following tokens into the innovation zone starting today:
- AirDAO (AMB)
- Arc (ARK)
- BitShares (BTS)
- Drape (DREP)
- FTX Token (FTT)
- Gifto (GFT)
- JasmyCoin (JASMY)
- Loom Network (LOOM)
- Enzyme (MLN)
- OAX (OAX)
- OMG Network (OMG)
- PERL.eco (PERL)
- pNetwork (PNT)
- SONM (SNM)
- Serum (SRM)
- Voyager Token (VGX)
- WazirX (WRX)
- DFI.Money (YFII)
cryptocoin.com As we have also reported, the Innovation Category is for innovative projects with higher volatility and risk. So, the exchange launched this category to offer a place to trade volatile altcoins. They reported that when they identified such projects during their periodic reviews, they would move them to this category. They decide whether a project is volatile or risky by considering the following factors:
- Team commitment to the project
- Level and quality of development activity
- Trading volume and liquidity
- Network stability and security against attacks
- Network or smart contract stability
- Level of public communication
- Respond to our periodic due diligence requests
- Evidence of unethical/fraudulent behavior or negligence
- Contribution to a healthy and sustainable crypto ecosystem
